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Thu 10 Oct 2013 12:04 PM

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Dubai’s Deyaar plans two new Business Bay towers

Real estate firm also sold building in same district for $38m

Dubai’s Deyaar plans two new Business Bay towers
DEYAAR WATCH: Deyaar said in June it is returning the management of another residential project, Skycourts.(ITP Images)

Dubai property firm Deyaar Development is planning to build
two new towers in the emirate’s Business Bay district, its CEO said in an
interview.

Speaking to Bloomberg, Saeed Al Qatami said that the
buildings will have 65,000 square metres of space, including apartments and retail
outlets, with sales likely to start this year.

The company, which is controlled by Dubai Islamic Bank, also
recently sold one of its buildings in Business Bay for AED141m ($38m), Al
Qatami said.

Al Qatami said that Deyaar will fund the new towers from
that sale, alongside advance sales and bank loans. The firm is working Dubai
Islamic Bank to secure a bridge loan, he said.

Deyaar, the second largest property firm on the Dubai
Financial Market, posted a 47 percent increase in net profit in its most recent
financial quarter.

Net profit during Q2 rose to AED27.3m from AED18.6m in the
prior-year period.

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